Word: oiling
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Dates: during 1950-1959
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...swirling passions that have swept the Middle East since Nasser's seizure of the Suez Canal Company, Saud has become pivotal just by holding fast to reality. That reality confronts him every time he drives past the flaming gas flares outside Dhahran, where the U.S.-owned Arabian American Oil Co. wells tap fields that are estimated to contain three times as much oil as the whole U.S. Profits from these fields bring Saud a yearly income of $300 million, finance his government, build his palaces and swimming pools, buy him Cadillacs and Convairs. But Saud knows that without...
Wealth & Whim. By the time the oil came, the Old Lion was failing. He never understood the dimensions of his new wealth, still less what to do with it. By tradition, everything in the country belongs to the King, and he treated this wealth as a personal possession. His sons, given bottomless allowances for travel abroad, poured out of Arabia and into the gay spots of the Middle East. Soon the Middle East seethed with stories of their excesses. Nearly every Cairo nightclub had its Saudi prince surrounded by procurers and willing belly dancers. There were stories...
...fleeced them of their last pennies. Saud established first-aid stations, erected sun shelters, built a $3,000,000 quarantine station at Jiddah, allocated $132 million to refurbish the Great Mosque, straighten Mecca's streets, expand its accommodations. The pilgrim's head tax (among the chief pre-oil sources of Saudi income) has been abolished. Says Saud: "Let the pilgrim come. I'll pay the tax. Allah has given me the money from oil...
ATHABASKA OIL SANDS in Alberta, which have estimated reserves of 300 billion bbls. but have long defeated efforts to extract oil, will be developed by Canada's Royalite Oil Co., Ltd. Royalite will start building plant this spring to separate 20,000 bbls. of oil a day from sands with new centrifugal process, then add processing plant, town site for 1,400 people, and a 350-mile pipeline to Edmonton. Initial cost: $50 million...
Died. Louis Semple Clarke, 90, automobile pioneer who built his first car in 1896, a year afterward founded the Pittsburgh Motor Vehicle Co. (later the Autocar Co.), designed the first U.S. sparkplug and circulating oil system, built the nation's first shaft-driven auto; in Palm Beach...